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D-Shares

The term D-Shares refers to shares issued offshore by companies limited by shares incorporated under the Company Act of the People’s Republic of China and listed on the D-Share Market of the China Europe International Exchange AG (hereinafter “CEINEX D-Share Market”). CEINEX utilizes Deutsche Börse Group’s reliable and highly integrated market infrastructure covering the entire value chain of financial services to provide for trading, clearing, settlement and custody for D-Shares.

CEINEX D-Share Market is designed for quality Chinese issuers seeking access and exposure to European capital markets and international investors.

For a listing on the CEINEX D-Share Market, an issuer must have its shares admitted to exchange trading in the regulated market of Frankfurt Stock Exchange (FSE) under Prime Standard and enter into a listing agreement with CEINEX in accordance with the General Terms and Conditions for the CEINEX D-Share Market.

D-Share issuance and listing is subject to the prior approval by the China Securities Regulatory Commission (CSRC) and a prospectus must be published in accordance with the German Securities Prospectus Act (WpPG).

A D-Share issuer needs to comply with the highest transparency requirements applicable to Prime Standard listing at the FSE.

D-Shares will be traded on both venues of Xetra® and Börse Frankfurt.

D-Shares are traded in the European time zone under applicable EU and German laws and regulations.

CEINEX is committed to promote and develop the CEINEX D-Share Market through:

Maintaining a platform for communication among all stakeholders including issuers, investment community and service providers

Organizing market promotion events to enhance awareness of the D-Share market as a whole

Advocating and participating in the development of recommended practices and guidelines

Providing training programs for issuers on topics of mutual concern

CEINEX pays the highest attention to each D-Share listing candidate, and provides assistance for the stakeholders from the earliest stages of listing preparation to post-listing obligations, including:

Pre-IPO guidance and informational support

Establishing a professional network with advisors and services providers

All D-Share issuers are expected to accept the General Terms and Conditions for CEINEX D-Share Market, which spell out in detail the eligibility requirements and application procedure for a D-Share listing.